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22.) The idea that consumers ultimately dictate what will or will not be produced and purchased...

22.) The idea that consumers ultimately dictate what will or will not be produced and purchased is

a. Free Enterprise b. Distribution of outputs c. Consumer price theory d. Consumer sovereignty

23.) Command Economies and Laissez-Fair Economies in their purest forms exist in the world. a. True b. False

24.) In societies with many people, production must satisfy wide-ranging tastes and preferences, therefore producers must? a. Specialize b. Produce a diverse array of products c. Compete with consumers d. Be willing to change production

25.) The normative concept of the firm exists when a person or a group of people decides to produce a product or products by transforming resources (inputs) into goods (outputs) that are sold in the marketplace. a. True b. False

26.) The primary consuming unit in an economy whose incomes are retrained is called. a. Households b. Consumers c. Buyers d. Decision-making units 27.) Goods and services intended for use are exchanged in a. input markets. b. output markets c. competing markets d. free markets

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Answer #1

22.) The idea that consumers ultimately dictate what will or will not be produced and purchased is

Consumer sovereignty

According to consumer sovereignty, customer is king.

24.) In societies with many people, production must satisfy wide-ranging tastes and preferences, therefore producers must? b Produce a diverse array of products
the diverse range of demand from cusotmers leads to production of diverse array of products.

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